Following a tumultuous few years for the taxi-hailing brand, Uber looks set to launch itself on the stock market with a lucrative investment of at least $1 billion. The reason for such investment, CNN Business reveals, is its forthcoming self-driving taxi service, which will be looking to make use of AI driving technology in the years to come.
It’s been reported by Uber that, ahead of their first foray into the public markets, both the SoftBank Vision Fund and Toyota had helped to inject a generous cash sum into the firm, which rounds up the value of the Uber Advanced Technologies Group to a cool $7.25 billion.
“This investment and our strong partnership with the Toyota Group are a testament to the incredible work of our ATG team to date, and the exciting future ahead for this important project, alongside great partners,” Dara Khosrowshahi, Uber CEO, advised in a statement.
“The development of automated driving technology will transform transportation as we know it, making our streets safer and our cities more livable.”
Toyota has previously invested at least $500 million into Uber in recent times, having themselves advised that they would be showing some commitment towards autonomous car technology. However, Uber is still a firm which has been dogged by certain controversies in recent years. Outside of concerns relating to workplace culture and driver vetting, an Uber SUV – a driverless unit – hit and killed a pedestrian in 2018. The company, however, was not pursued for criminal charges.
Despite problems Uber’s brand has had in the public eye since 2016, considerable faith in the brand continues to push it towards what will be an enormous float. Uber had only recently advised that they would be approaching the public market for the first time, and despite the company having recorded losses of $1.8 billion in 2018, there appear to be plenty of shareholders willing to push the brand as it launches its IPO.
Driverless or autonomous cars look set to become a common feature on our roads in years to come. While there are already some vehicles operating without drivers, the technology will take some time before it is easy to spot on roads and freeways across the world. Google have already entered the driverless car game, while Apple is allegedly considering its options. Will Uber lead the way in autonomous road technology? Let’s wait and see.
The NY Times and Business Insider report that Uber is holding acquisition talks with food delivery startup Postmates. Earlier this year Uber was reported to be holding acquisition talks with Grubhub. But those talks reportedly fell through. In mid-June Grubhub announced it was merging with Just Eat. Postmates is smaller than Grubhub, and would be more amenable to a take-over.
Just Eat Takeaway, a food-delivery service based in Europe, bought Grubhub. According to Gizmodo, while sales have spiked, operation costs have also been high. The acquisition of Grubhub makes it the largest digital food delivery service operator outside of China. Stories analyzing the deal pointed out a European deal was less likely to get blocked by antitrust regulators. Before Just Eat Takeaway acquired Grubhub, Uber wanted to also buy the food-delivery service.
Travis Kalanick is the founder of Uber. He was recently kicked out of the company. Business Insider reports that Kalanick founded CloudKitchens, a delivery-only restaurant operation. Kalanick says the company is the victim of arson. On Twitter, the company said two fires were started. They posted video evidence of the intruders. The company is worth more than $7 billion. It's funded from Kalanick's Uber wealth as well as Saudi Arabia.
According to CNN Business, FedEx, a major sponsor of the Washington Redskins, has asked the NFL team to change its name. This comes after mounting pressure from investors who oppose the name's racist connotations. FedEx said that over 80 groups and shareholders that invest in them demanded that FedEx CEO Frederick Smith "terminate its business and public relationships" with the franchise because of the name. FedEx sponsors and has naming rights for the stadium the Washington Redskins plays in.
CNN's parent company has announced they will be selling the network's landmark building in Atlanta. According to CNN Business, the CNN Center is going up for sale. Pascal Desroches, CFO for WarnerMedia, said the company is shifting focus to another property it owns in Atlanta. Desroches said; "Following the sale of the CNN Center, we plan to centralize most of our employees on the Techwood campus". CNN Center building has been the main campus of the network since 1987.
The coronavirus crisis is accelerating a shift in the world of autonomous cars toward delivering packages instead of people, as big players open up a lead over startups in the race for funding. This report produced by Yahaira Jacquez.
Uber CEO Dara Khosrowshahi announced the company making a donation of $1 million. This money will go to two criminal justice reform groups “in solidarity with the Black community.” He said: “Lasting change will only come from reforming the systems that have led us to where we are today.” The donation comes after protests continue to escalate across the U.S. over the killing of Floyd George.
Uber Technologies Inc plans to focus on its core businesses in ride-hailing and food delivery. According to Reuters, the company cut 23 percent of its workforce to try and become more profitable. Chief Executive Officer Dara Khosrowshahi wrote an email to employees telling them the news. Khosrowshahi said Uber will cut 6,700 jobs and will reduce investment in “non-core projects.” Shares for Uber were up 6.9 percent to $34.69 after the announcement.
Uber will concentrate on its core businesses in ride-hailing and food delivery and cut 23% of its workforce in an attempt to become profitable despite the coronavirus pandemic, Chief Executive Officer Dara Khosrowshahi said in an email to employees on Monday. This report produced by Yahaira Jacquez.
A number of high profile Twitter accounts including that of US presidential hopeful Joe Biden, Tesla CEO Elon Musk, Microsoft Co-founder Bill Gates and of Apple were simultaneously hacked on Wednesday by attackers to carry out what appeared to be a cryptocurrency scam. According to The Verge, The Tesla CEO's account issued a strange tweet at 4:17 pm ET this afternoon reading, The tweet also contained a bitcoin address, presumably one associated with the hacker's crypto wallet. The tweet was then deleted and replaced by another one more plainly laying out the fake promotion. It read before also getting deleted. Bill Gates tweet was similar to Elon Musk's and with identical BTC address. It was also later deleted. Both accounts are continuing to post new tweets promoting the scam almost as fast as they are deleted. Shortly after the initial wave of tweets, the accounts of Apple, Uber, and Kanye West have also been hacked and are promoting the show widespread the operation is, but it appears to be affecting major companies and extremely high-profile individuals. Popular crypto Twitter accounts, including those of Cameron and Tyler Winklevoss' Gemini cryptocurrency exchange and widely used wallet app Coinmbase, were also compromised. Twitter says it is investigating the issue. The company's shares declined 2.3% post market.